Azerbaijan to reduce state budget costs for concessional financing in 2015

Business Materials 14 October 2014 18:44 (UTC +04:00)

Baku, Azerbaijan, Oct.14
By Azad Hasanli - Trend:

State budget of Azerbaijan will allocate 100 million AZN to the National Fund for Entrepreneurship Support (NFES) in 2015, which means over 30 percent of decrease in the budget financing, said the presentation of projects of state and consolidated budget of Azerbaijan for 2015, released by the Ministry of Finance of Azerbaijan.
The official exchange rate for October 14 is 0, 7843 AZN / USD.

Considering this, the amount of funds accumulated in the stock will reach 1.747 billion AZN (of which 931 million AZN were provided at the expense of the state budget, and 816.3 million AZN - at the expense of repayment).

In 2014, the National Fund plans to issue loans worth 280 million AZN, of which 130 million AZN will be provided at the expense of repayment, and the remaining 150 million AZN at the expense of the state budget.
Since the beginning of the year, the fund allocated concessional loans to 4,233 entrepreneurs in the amount of 240 million AZN. The implementation of these projects contributes to the opening of more than 9,400 new job opportunities.

Some 23,610 entrepreneurs received concessional loans totaling $1.451.762 million AZN since the beginning of NFES financing.
NFES was established in 1992. The issuance of loans to entrepreneurs is implemented through authorized banks and non-bank credit organizations, whose total number is 45.